Managing Finances for a Better Credit Rating

Holly Bentz

In the world of finances it is all about managing debt to maximize one's buying power. Since a consumer's credit score has a direct correlation on any financing or loan authorization, reviewing the accuracy of a credit report is a consumer savvy. Consequently, managing one's personal finances for a better credit rating is critical.

Did you know that when financial institutions consider authorizing loan approval, they review your payment history? Even if you were unemployed when you were inundated with medical bills, the balance will appear on the credit report.

FACT: Over thirty-five percent of American consumers impaired with a low credit score -- due to expensive hospital and medical bills.

About Your Credit Report Card

A credit report is very similar to an adult life quality report card. It details such personal information as:

• Where a consumer works
• Where the individual resides
• Have you ever been convicted of a crime
• Has the individual ever been involved in a lawsuit or claim
• How you pay your bills

Credit reports or your report card are kept by organizations referred to as consumer reporting agencies (CRAs). These credit bureaus collect, compile and sell consumers credit documents to businesses. Banks and lending institutions approve applications based on credit. Certain insurance companies and employers evaluate one's credit before writing a policy or extending employment.

Subsequently, Americans should always review their credit score to ensure the information is accurate. Financial advisors recommend that all consumers should report any updated, omissions or inaccuracies. Specifically, for the person planning to apply for a mortgage, auto loan or other personal loans (secured or non-secured) an exact truthful credit report is important. Moreover, the Fair Credit Reporting Act (FCRA) authorizes consumers the opportunity to submit corrections.

Another aspect of managing one's finances with a better credit score is by checking the accuracy of information detailed on the credit file. Nonetheless, it may drastically accelerate the credit-granting process.

On the other side of the spectrum, consumers who are denied credit have the right to acquire the following information:

1. The credit bureau's name (CRA)
2. The CRAs address and all contact information
3. A copy of a free report within 60 days of a denial
4. In lieu of fraud, being on welfare or unemployment, consumers a allowed one complimentary copy of their credit report

Generally, the cost of a credit report starts at nine dollars.

Credit Reporting Agencies and Credit Bureaus

There are three major credit bureau agencies (Experian, Trans Union and Equifax). All agencies may have different information about a consumer. To compare and check all your credit files from all the top agencies, here is their address:

Experian
P.O. Box 2002,
Allen, TX 75013
(888) EXPERIAN (397-3742)

Trans Union
P.O. Box 1000
Chester, PA 19022
(800) 916-8800

Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
(800) 685-1111

After you obtain a copy of your credit report, the first step to managing your finances begins with noting any discrepancies. Then, protect your rights under the FCRA Act by contacting the source of the erroneous information and the credit reporting agency by writing a letter.

Sample Dispute Letter

Date

(Your Information)

Name Address City, State, Zip Code

Complaint/Dispute Department Name of Credit Reporting Bureau Address City, State, Postal Code

To Whom It May Concern:

Attached you will find a copy of a report I received. The items of dispute are circled on the attached copy of the report I received.

1.) (Detail the disputed items in a list with the credit account, name of the creditor the type of item, such as credit account or judgment etcetera)

This above item is (inaccurate) because (detail what item is inaccurate or incomplete and why). I am requesting that the above named item be removed or corrected (or state the specific change).

Attached you will find copies (describe any enclosures that depict a record of payments or any court documents) which demonstrate my position. Please research this issue and (remove or amend) the disputed item(s) as soon as possible.

Regards,

Your name

Enclosures: (List what you are enclosing)

Remember to include duplicates (only) of the documents that corroborate the correction.

Facts about Accurate but Negative Credit Report Information

There are scenarios where negative information may be accurate. Unfortunately, there is a general period of time that the information must remain on a credit report. Usually, the time limit is seven months; however the following list details the exceptions:

1. Any information regarding criminal convictions may be reported for an unlimited time span.
2. Any credit information provided as a response to an application for a salary position worth over $75,000 does not have a time limit.
3. Bankruptcy information can remain on a report up to ten years or more.
4. All credit information reported as a result of an application worth over $150,000 of credit or life insurance does not have a limit.
5. Any unpaid judgments or lawsuits have a credit report life of seven years or more -- until the statute of limitations has expired (whichever is longer).

In summation, despite negative accurate information, paying your bills on time and correcting any errors is a good way to manage your finances for a better credit rating.

© About-Personal-Loans.com. All rights reserved.

About The Author Holly Bentz is a finance writer and a contributor to About Personal Loans. About-Personal-Loans.com

Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
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Making Money in Equity Finance

William Cate

Making Money in Equity Finance
By William Cate
Published October 2001
[http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]

Do you offer financial services to businesses outside the United States?
You could be earning an additional US$300,000/year taking your clients
public in the United States.

Here are ten possible reasons why non-U. S. Companies should go public in
America.
1. Their country lacks a stock exchange.
2. The country's stock exchange won't list "growth" companies. In several
countries the national listing requirements are modeled after those of the
New York Stock Exchange. This is true of the Singapore and Kuala Lumpur
Stock Exchanges
3. The local stock exchanges lack credibility. This is true of the
Vancouver and Alberta Stock Exchanges in Canada.
4. The company understands the benefits of being valued in U. S. Dollars,
instead of the national currency. Currently, the USD is the World's
business currency.
5. The company that wants to be listed on stock exchanges in Europe and
Asia and realizes that the American filing is the key to cost savings
elsewhere.
6. The company understands that they can no longer trade their shares in
the States under a 12g Exemption.
7. The company realizes that their local investors would prefer to hold U.
S. Dollar demominated stock.
8. The company suspects that there is a segment of the U. S. Market that
would buy their stock if it were easily available in the United States.
9. The company realizes that having a U. S. Dollar demominated stock allows
management to make bargain acquisitions for their stock when the national
currency's exchange rate falls against the USD.
10. Management is taking the company global and wants to save on taxes.

I can offer twenty more reasons why non-U. S. Companies should trade in
the United States. Canadian, Israeli, and Japanese businesses are the
primary companies seeking to trade their shares in the States. The U. S.
listing advantages that they take for granted are available to any firm
anywhere in the World.

I offer a basic U. S. Spinoff package. It takes a foreign company public
in the United States. It qualifies the company's shares to trade on the
Over-the-Counter Bulletin Board (OTCBB). This spinoff package includes
legal and audit costs. The turnkey package costs: US$125,000 and one
hundred thousand shares of the company's stock.

I'd like to develop a network of non-U. S. Business Associates capable of
marketing this basic spinoff package to their clients. Potential associates
should be venture capital firms, M&A firms, Merchant Bankers and Business
Consultants. My marketing approach is risk free. If you want the details of
my proposal, please email me with "risk free" in the subject field.

To contact the author: Visit the Beowulf Investments website: [http://home.earthlink.net/~beowulfinvestments/] Or, visit the Global Village Investment Club Website:
[http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]

About the Author

He has been the Managing Director of Beowulf Investments [http://home.earthlink.net/~beowulfinvestments/] since 1981 and is the Executive Director of the Global Village Investment Club [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]

Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Lions And Loans: Why Finance Should Always Be Personal

Rachel Lane

Different types of loans are available for almost every aspect of your life: personal loans, car loans, secured and unsecured loans, home loans, homeowner loans, student loans, graduate loans and career development loans (CDL). If you've suffered from credit problems in the past and now hold sub-prime characteristics, then you will be eligible for adverse credit and adverse loans.

You can always borrow money these days, but it is crucial to read the small print as the difference between interest rates is enormous and stories of people forced to pay off amounts which are five times the amount of their original loan are not uncommon.

There are also numerous stories on unemployed couples being sold loans, such as the case of Julie and Kevin Davies, reported by the BBC. The couple were already experiencing difficulty in paying off their existing debts of £4,000, when they were sold another £20,000 loan by Lloyds TSB.

Loans of £1,000 to £25,000 can be taken out and repaid over a period typically varying between six months and 10 years depending on your credit history and available finances. Loans are usually secured or unsecured. Secured loans are tied to your house, so you can be forced to sell the house if you are unable to make the repayments. Unsecured loans do not impose the same restriction, though a default on repayments may result in being "credit blacklisted". Once blacklisted, you may get future credit card, mortgages and hire purchase applications rejected, as well as face a potential higher rate of interest for all existing debts.

It is absolutely crucial that you shop around for a loan and not just through the high-street banks. The internet offers a wealth of information available and there are many sites which compare the prices of products, and to really ensure you get a good deal – compare the different comparison sites. In the UK moneyfacts, moneyextra and moneynet ( http://www.moneynet.co.uk ) offer price comparison services for a wide range of loans, amongst other financial products. These sites also offer consumer information guides, which you can either print directly off the website or download on to your computer.

Do read all the terms and conditions carefully and ask friends, family and your financial adviser / bank adviser if you don't understand a particular statement. The annual percentage rate (APR) is particularly important and can make a difference of thousands of pounds over the term of the loan.

Unsecured loans can be purchased from building societies and banks, as well as certain high street shops. Unsecured loans may be taken out for something specific or simply to make life more 'comfortable'. The process usually involves:

• Requesting a typical amount for the loan
• Discussion of interest rate (APR) and possible loan payment protection insurance
• A credit check, you may wish to get one of these first, so you know what to expect
• Reading the terms and conditions and then signing the agreement
• Money can then be transferred into your account

In the discussion of secured versus unsecured loans, moneynet explains that although secured loans can offer lower interest rates and repayments, many people do not wish to jeopardise the potential loss of their home in the default of a repayment of a secured loan. In unsecured loans, pay attention to the difference in APR, term of the loan and any additional charges such as an early settlement charge or redemption penalty.

About The Author Rachel Lane writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk Rachel is a disillusioned, disaffected and broke graduate, exploiting new media for financial therapy. rachel@bigmouthmedia.com

Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Life insurance – wise investment in personal finance or excessive caution?

cashzilla

Life insurance is typically taken out to offer valuable financial protection for your family in the event of your death, upon which a payment is made to your financial beneficiaries, heirs or family members. The extent of this payment will depend on your insured sum and earnings. Life insurance and life assurance may be interlinked in advertisements, though bear in mind the two policies are different. Life assurance is a form of financial protection which is also an investment, as you should always get a pay-out at the end of the term of the policy. Life insurance on the other hand is simply financial protection for your family, avoiding the issue of debt in the event of your death.

According to an article by the Fair Investment Company, the British life insurance industry shrank to almost half the size of the pensions industry last year and according to the Association of British Insurers, less than 50% of UK households hold a life insurance policy.

In their most recent newsletter about this issue, the Association of British Insurers found that 25% of mortgage holders had insufficient life insurance to cover their debt. The ratio of new life insurance policies to new mortgage loans was apparently 68% in 1994, but by 2004 this had dropped by half to 33%.

The absence of mortgage life coverage poses a serious risk for the dependants of homeowners. If banks were to embark on wide scale repossessions as a result of this absence of life insurance, this would impose a risk on their loan books and reputations. The Association of British Insurers also state that one of the main reasons behind the increased gap between mortgage loans and insurance is the emergence of people remortgaging their property to take advantage of equity release through a rise in value, without insuring their borrowing. In their report it was stated that around 63% of new mortgage loans were remortgages or further advances, compared to 34% in 1994. Egg reported at around the same time, that three out of four of these new loan homeowners had no intention of insuring this additional debt. This is particularly worrying if couples are remortgaging their property later in life – towards retirement, given that should anything happen to the breadwinner, the partner would be left with significant debts without the capability of paying the loan back.

Reasons for the downward trend in life insurance take-up include:

* Relaxation in lending policy – increased competition in the mortgage market means that lenders are not forcing life insurance policies on their customers

* High house prices have stretched homebuyers, in particular first time home-buyers, in terms of their mortgage repayments, that the additional costs of a life insurance policy are deemed too expensive

* There are more households with no dependents

If you're interested in researching a life insurance policy, make sure you shop around. UK websites such as moneynet ( life insurance ) provide life insurance and life assurance information guides, as well as providing price comparison research for the different products. In the states, the website LowerMyBills.com also offers a similar service.

Because of the various factors listed above, people have also become less familiar with the term life insurance and without the awareness there is little recognition of the importance of this type of insurance. However as speculation increases that UK households are not coping with their debt, so should the awareness of life insurance as an essential product in the personal finance portfolio.

* * * * * * * * * * * *

About Rachel:

Rachel writes for the personal finance blog Cashzilla:

http://www.cashzilla.co.uk

Rachel is a disillusioned, disaffected and broke graduate, exploiting new media for financial therapy.

E-mail: rachel@positiveinterest.com

Phone: 0131 561 2251

Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Keeping Your Business's Finances on Track

Vishal P. Rao

One of the biggest benefits of operating a home-based business is that it doesn't require any formal training or experience. After all, some of the most successful individuals never attended a single business-related class or workshop.

The only drawback to having a lack of experience and/or business education is that it can make tracking your company's finances difficult. Even accountants who spend their lives working with numbers often find bookkeeping a tedious chore.

But no matter how mundane keeping track of your company's revenue and expenses may be, it is also necessary for several reasons:

1) You need to know at a glance if your business is spending more than it is earning.

2) You need to have all of this information documented for tax time.

3) You can use this data to help you establish your budgets and to adjust your spending.

Of course, just knowing it's important doesn't make it easier to accomplish. In fact, you really have two options if you want to reduce your accounting stress:

A) Hire a professional to help you or

B) Invest in a helpful accounting software program.

While hiring a professional would be the easiest route, it's also more costly. For most home-based businesses, the most effective choice is to use an accounting software program.

Before you spend a dime, however, there are a few things you need to know.

1) Know What You Need The Program To Do

The accounting programs currently available can handle a wide array of business related tasks, such as tracking expenses, creating invoices, handling payroll, and printing checks. The more of these tasks a program can do, the more expensive it will be.

For that reason, you should know exactly what you are going to use it for. That way you can get a program that meets your needs without paying for features you'll never use.

2) Know The Details Of Your Computer

Before you buy any software, you need to know your computer's current statistics, such as what operating system you use, how much hard drive is available, and how much RAM your system contains.

If you buy a program that won't work on your system, you won't be able to return it and get your money back once it's been opened. Checking in advance will protect you from getting stuck with software you can't use.

3) Do Your Homework

Any type of business-related purchase requires careful consideration, so be sure to investigate before you buy. Explore all of the software programs available and find out what other people are saying about them. Sites like Epinions.com and CNET.com can provide you with product feedback from both consumers and reviewers.

Pay attention to mentions of difficulty levels since you want a program that is easy for you to learn and to use. Also, take advantage of software demos. Nothing beats a hands-on preview. You should do some research into the companies' technical support and customer service as well. If you ever need help, you want to know it's readily available.

4) Be Aware Of Costs

Another thing you need to know is how much you can afford to spend on the program. The costs for accounting software run from $30 to $600 or more depending on the features included.

Knowing what you need and can afford in advance will prevent you from paying too much. Shopping around for a particular program won't do much good, however. Whether you buy a program online, from an electronics store, or from a retail outlet, you'll pay about the same price. Watch for rebates or special offers, however, because they can cut your costs considerably.

Here are a few suggestions if you find it difficult to identify the right accounting software program for you:

* Peachtree Accounting 2003 Peachtree is one of the most recognized names in business accounting. This program allows you to manage your accounts receivable, accounts payable, inventory, payroll, job costing, fixed assets, even general ledger. Other valuable features perfect for small or home-based businesses, such as Internet postage, credit card service, direct deposit, and contact management are also included.

This version costs $199.95, but others are also available. You can learn more about Peachtree's line of accounting software at http://www.peachtree.com

* Quicken Home & Business At $89.95, Quicken Home & Business is one of the most budget-friendly accounting programs on the market. Even though its price is low, its packed with features, such as creating custom estimates and invoices, generating business reports, setting up a Merchant Account, managing taxes and expenses, and keeping track of your cash flow.

You can also use the program to download your transactions and pay your bills online. Other versions of Quicken are also available through the company's web site http://www.quicken.com/quickensw/

* Microsoft Monday 2003 Deluxe & Business With this software, you can take care of most of your accounting needs without breaking your business's budget. At only $64.95, the software still comes with a wide range of features including the ability to create customized invoices, estimate tax payments, compare financial data, balance your checkbook, track cash flow, and pay your bills. Additional versions of the the program are available for sale at http://www.microsoft.com/money

Knowing this useful information will help you find an accounting program that will make your job easier, less stressful, and more efficient.

Vishal P. Rao is the owner of http://www.home-based-business-opportunities.com - One of Internet's leading website dedicated to starting, managing and marketing a home based business.

Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Is Now A Good Time To Refinance Your Home Loan?

Mark Askew

Bargain mortgage rate shoppers are on a refinancing spree. Many have secured unbelievably great deals. Others have gotten caught up in the frenzy and got the short end of the stick. How can you refinance your home without getting burned?

Last week mortgage application reports indicated that homeowners went on another home loan refinancing spree. Some of the reasons were the long-term impact of the Fed recent rate cut. As mortgage rates declined below 6% homeowners responded to the rate cut sensation with a surge in refinance applications.

Another reason for the refinance wave is the demand for cash. In recent months experts predicted that consumers would put up to $110 billion dollars in spending money back into the economy this shopping season following the ongoing refinancing wave. Using the web as a discount vehicle for commerce consumers have been looking for rare deals in merchandise, investment programs and home loan refinancing in order to pocket cash.

The Mortgage Loan Search Network reports increased use of its financial resources for financing and home loan refinancing. Traffic has increased 33% as user take advantage of mid-term hybrid mortgage loans that allow the consumer to pocket both cash and well as save money for investment purposes such as retirement savings, college savings or to pay down high interest rate debt.

There are many useful sites offering tools tips and guides to finding the best deal on refinance loan rate. The key to successfully locating a realistically low mortgage rate quote is making use of lending marketplaces. These marketplaces are like highly competitive auction houses. Lenders seek to win the users business by offering competitive rates, fees and incentives. The user first needs to figure out what rate level they best qualify for. How to get around various loan fees and added costs as well as how to make several lenders compete for your business.

There are a number of helpful consumer oriented financial resources that can help you understand the lending process from the consumers perspective. Once such site is RefinanceLoanRates.com at http://www.refinanceloanrates.com. Consumers looking for free local home mortgage rate quotes, rate comparison tools, tips and news on refinancing at today's competitive rates and lowest loan costs can access local lenders across while narrowing down options of thousands of loan programs at low rates and loan costs.

Consumers should consult their mortgage professional to find out if these programs will work best for them. Loan rate shoppers seeking low rates for refinancing or home buying should not delay preparing to lock-in rates at today's lows.

About the Author

Mark Askew is founder and editor of the Mortgage Loan Search Network. An extensive financing and refinancing resource with tips and guides for rate comparison, establishing and repairing credit, lowering interest rate charges and monthly paymets and finding bargain loan deal online.

Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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